Jackson

Hedge Fund Partner @theoquant_ai | Ex-Lecturer @hkust | non-financial advice | disclaimer:

[Jackson @jacksonwongx]

A quick update from our side on the TUT incident on @bitget.

@theoquant_ai's arbitrage portfolio was affected by the abnormal price movement in TUT on 9 August, which led to an unexpected liquidation.

Since then, we’ve been working with the @bitget team to understand what happened and work through the impact. The team has been responsive throughout the process, and we have now received the compensation and are finishing up the final reconciliation on our side.

It was obviously not a situation anyone wanted to be in. What matters is how parties respond.

Thanks again to @GracyBitget and the team for staying in touch throughout and following through on what they committed to.

[Gracy Chen @Bitget @GracyBitget]

Regarding the abnormal price fluctuations in the reference prices of three trading pairs, including TUTUSDT, 龙虾USDT(LOBSTER), and BICOUSDT, here are the full recap:

🕙Timeline (GMT+8)
At 15:12 yesterday, we detected abnormal price fluctuations and immediately activated risk control measures, establishing an internal team to investigate the matter.
At 19:53, we publicly committed to announcing a compensation plan within 24 hours.
At 19:22 today, we released the public compensation announcement. For details, please see https://t.co/fXSjkR8GOg

All affected accounts (retail and institutions) can register according to the steps in the announcement. We will complete the compensation distribution within 2 business days. This incident resulted in losses of nearly $40 million for users, and Bitget will provide compensation to those users.

I’ve been with Bitget for four and a half years, and together with the company and our users, we’ve weathered both bull and bear markets. I often say that a bear market is a “golden window for building,” and the first prerequisite for building is to live up to the trust placed in us.
Compensating all affected users is the right thing to do—and it’s how we “live up to that trust” amid the adversity of a bear market.

This incident has also made us to confront the some shortcomings—specifically, the OI-marked price mechanism and our risk control response in a market manipulation. We will continue to optimize our emergency response mechanisms, transforming every post-incident review into stronger platform capabilities. We will also tighten the listing criteria for crypto altcoin perpetual contracts and implement cleanup and restriction measures of listed altcoins.

We thank all users for your oversight, feedback, and patience. Trust should never be taken for granted, whether it comes from a retail user, a VIP, or an institution.

We hold this trust seriously. We will not waste it.

[Jackson @jacksonwongx]

@EricBalchunas the event isn't the information. The reaction is.

[Jackson @jacksonwongx]

@harleyfoote_ absorption isn’t bullish by itself. It’s information. The key is whether the bid keeps replenishing and price can actually follow through

[Jackson @jacksonwongx]

every cycle is different in the details and identical in the structure. "this time is different" only means something if you say what changed and why it changes the outcome.

the thing that actually changed is who the marginal buyer is.

[Michaël van de Poppe @CryptoMichNL]

I think that this cycle will be different than the previous ones.

Also in the sense of 'interesting projects to invest in'.

Every cycle it seems to be that you'll be required to be investing into the newest #Altcoins, because they'll outperform.

I don't think that this cycle will be similar, mainly due to the previous bull in 2024 being so weak for altcoins overall.

Much rather you'd want to see resilience of the team to see whether they can continue to improve their product to becoming product-market fit.

That's what you see with $AAVE, $LINK, $NEAR for instance.

Very bullish on all those 'older' protocols much rather than new shiny ones.

[Jackson @jacksonwongx]

Sleepmaxxing 😴 #nitenite

[Jackson @jacksonwongx]

@FT Same. We are doubling ours too

[Jackson @jacksonwongx]

@FT Ft out there goofing around

[Jackson @jacksonwongx]

@coinbase Invest in others or invest in yourself

[Jackson @jacksonwongx]

@bitget None

[Jackson @jacksonwongx]

@bitget None

[Jackson @jacksonwongx]

@PolymarketMoney Athletes build brands. Brands build profits.

[Jackson @jacksonwongx]

@Polymarket

[Jackson @jacksonwongx]

@coinbureau Bring your own stables

[Jackson @jacksonwongx]

@Kalshi_Finance GLHF

[Jackson @jacksonwongx]

@KobeissiLetter I generally trade $NKE with a price to items-on-sale ratio. The more items on sale on its @Nike website the lower i expect its stock price to become. Vice versa

[Jackson @jacksonwongx]

@zerohedge Noise rips. Noise unrips.

[Jackson @jacksonwongx]

@AlexanderPayton Historical data doesnt predict the future. As urself this: when a tech can be more dramatically productive than humans for an extended period, what would happen to human capital?

[Jackson @jacksonwongx]

@JerryCohen85748 @100xbaggers @KobeissiLetter Ur on the right track @JerryCohen85748. So where is the government gonna get the cash to pay those people who stay home? From the profits ur talking about

[Jackson @jacksonwongx]

@vazic @KobeissiLetter Its so productive that working hour is not even needed

[Jackson @jacksonwongx]

@trader202368839 @KobeissiLetter That makes it worse 😢

[Jackson @jacksonwongx]

@EconDundas @KobeissiLetter Circle of life